News Releases

CALGARY, ALBERTA - Jun 1, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announces that the Board of Trustees has
approved, subject to regulatory approvals, the adoption of a
Distribution Reinvestment Plan (the "DRIP Plan").

The DRIP Plan will provide Unitholders of Newalta with the
opportunity to reinvest monthly cash distributions to acquire
additional Newalta Units at 95% of the treasury purchase price,
which is defined as the daily volume weighted average trading
price of Newalta Units for the 10 trading days immediately
preceding a distribution payment date. No additional commissions,
service or brokerage fees will be charged to the Unitholders for
these transactions.

Newalta anticipates all regulatory approvals and exemptions will
be in place within approximately 30 days and that the August 16,
2004 distribution payment will qualify for the DRIP Plan. A
further press release will be issued when regulatory approvals
are received that will provide the details of the DRIP Plan.

Newalta Income Fund is an open-ended trust that maximizes the
inherent value in certain industrial wastes through recovery of
saleable products and recycling, rather than disposal. Through an
integrated network of 40 state-of-the-art facilities, Newalta
delivers world-class solutions to a broad customer base of
national and international corporations, in a range of
industries, including the automotive, forestry, pulp and paper,
manufacturing, mining, oil and gas, petrochemical, and
transportation services industries. With a track record of
profitable growth and environmental stewardship, Newalta is
focused on leveraging its position in new service sectors and
geographic markets from coast to coast.